The first circuit of the Economic Court of Misdemeanor adjourned an appeal by Mohammed bin Issa Al Jaber, ex-chairman of Ajwa for Food Industries and ex-general manager Mahmoud Mohamed El-Sayed against the penalty imposed on them until October 8.
On March 18, the Egyptian Financial Supervisory Authority (EFSA) called Al Jaber to seek an amicable solution to the shareholders problem prior to the general ordinary meeting, scheduled for April 2. EFSA asked Al jabber to propose solutions based on a previous decision obligating him to repurchase the shares he sold to shareholders, Sherif Sami, executive chairman of EFSA told MENA.
In 2011, an Egyptian court fined Al Jaber; as the prosecution had accused him of forging documents and spreading false information to boost the company’s share price.